Entrepreneurs: to Incubate or not to Incubate
by Miki Saxon
To incubate or not to incubate is the burning question these days.
According to much of the media, being accepted into an incubator not only is the best way to go and not joining one is tantamount to setting yourself up to fail.
All of which is a bunch of hooey—even when it’s a top tier incubator.
Since 2005, Y Combinator has funded 460 startups with only a handful of big wins. The rest have faded away, been acquired quickly without growing out of a feature company, or continue to hang on as zombie companies, which are not dying, but not really doing anything either.
One size does not fit all, which is why labels now read “one size fits most.”
But when it comes to incubators the label should read “one size fits some.”
Before you even consider an incubator take a hard look at the product/service your startup envisions. If it’s not a fast build, fast traction, fast-to-profit concept an incubator probably isn’t a good idea, because those early investors are looking for quick returns or they’re on to the next thing.
As to the camaraderie, people to bounce ideas off of and other benefits you can find many of them at the nearest coffee shop or café.
You can put your own group of entrepreneurs together and take turns inviting investors and other gurus to speak. Also, take turns researching questions of benefit to all and discuss the answers. Brainstorm thorny problems and share openly.
Do it in person and form a group at LinkedIn, Google+ or wherever; keep a Skype chat group open for instant access.
You know the various technologies far better than I, so use what works for the group.
And even if you are the one who puts it together don’t get the idea that it’s “yours.”
If it’s truly successful it will take on a life of its own with people joining, contributing, dropping out and returning, which is something you can take quiet pride in.
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Flickr image credit: Dave L
